“A key reason that companies get left behind is because of their slow decisions. It disrupts go-to-market plans and prevents the timely implementation of new ideas.” – Attest
These days with price inflation, brands are trying to find ways to stay ahead of the market and raise revenue. This makes the popularity of agility more relevant than ever. When the world is pressured by economic pressures, the more consumer’s needs change. Agility is all about taking quick and accurate decisions. But how does agility benefit your business competitively, especially during an economic crisis?
1. Making Less Risky Decisions by Raising the Quality of Your Decision-Making
These days, historical data and predictive data modeling tools are highly accessible as they help brands navigate market issues with a low margin of error in as little as 5 days. Taking fast data decisions can build resilient brands in the face of market volatility.
2. Agile Decision-Making Saves Time and Money
Brands spend long periods of time building strategies they believe would be too costly to change in the middle. While the effort of changing plans would be too last minute, especially going through the process of hierarchal approval, it’s highly worth it in the long run. Agile decision-making is based on the notion that data-researched insights or “quality” choices will cost you much less down the line because you avoid all the possible risks from the start.
3. Overtaking Your Competitors
Many brands plan their strategies for 2-3 years into the future. This can be detrimental to the growth, revenue, and survival of a brand in the face of market pressures. During this period, brands should be more flexible in the way they plan their decisions by using data and research. By implementing an agile business strategy mentality where you make decisions based on the changes in the market rather than sticking to a plan that’s set in stone for years, you’re more likely to be successful and stay ahead of the competition that has yet to act.
These days, not only has the need to take quick decisions to become imperative, but also the demand for fast insights. Due to this shifting demand from clients, market researchers responded by providing fast actionable insights that brands can receive in 1-5 days.
This type of research involves concept testing, product testing, and other types of traditional research tests, but instead, it cuts down research time by over 80%. At Marketeers, we call this form of research ZeroTime™.